US equities open higher to a new cycle high of sp'2128, along with a new historic Nasdaq comp' high of 5197. However, there is a clear reversal underway... as also reflected in the VIX. Metals are weak, Gold -$8, with Silver -0.8%. Oil is similarly unravelling, -1.0% around the $50 threshold.
*there is a great deal to cover already, not least in the precious metals, where Gold is in imminent danger of losing the key low of $1130 from Nov'2014.
Best weekly close is arguably sp'2110/05, with VIX in the 13.00/50 zone. It'd at least setup next Mon/Tuesday for some further weakness.. before renewed upside into next month.
notable weakness: INTC, -2.0% @ $29.30s.... daily/weekly charts look really ugly.
The Thursday black-fail candle should really concern the INTC bulls.. and broader price structure is highly suggestive of the mid/low 20s by October.
Oil/gas drillers, RIG -3.1%, SDRL -5.1%.. as there is renewed panic about Oil falling for the rest of the year.
10.01am Consumer sentiment: 93.3.. .still pretty high... considering 'reality'.
Meanwhile... Gold -$10.. @ 1133...
10.27am.. Gold cash market hits a low of $1131... futures $1129 much lower levels look due.. regardless of the weekly close.
Dow -80pts... even Nasdaq now looks vulnerable to turning negative.